71,000

[1Admin]

Just heard a labor report on the radio that said only 71,000 new jobs were created in July.

Is that 71,000 new jobs for the WHOLE UNITED STATES?

Do they consider "new jobs" like new businesses opening? Or is it that the only people that got a new job in July were 71,000 people?

The report was followed up by someone in Michigan that worked for the labor dept that said that basically "people are just milking their 99 WEEKS of unemployment."

99 WEEKS? Wouldn't it be easier to say 2 YEARS?

Are these numbers they used correct?

[eeyore]

For July Jobs Picture Worsens With 131,000 Losses; 9.5% Rate

http://www.cnbc.com/id/38590746

In addition, the government revised payrolls for May and June to show 97,000 fewer jobs than previously reported.

[crossbow]

Just heard a labor report on the radio that said only 71,000 new jobs were created in July.

Is that 71,000 new jobs for the WHOLE UNITED STATES?

Do they consider "new jobs" like new businesses opening? Or is it that the only people that got a new job in July were 71,000 people?

The report was followed up by someone in Michigan that worked for the labor dept that said that basically "people are just milking their 99 WEEKS of unemployment."

99 WEEKS? Wouldn't it be easier to say 2 YEARS?

Are these numbers they used correct?

I read 42,000 jobs were added, but that probably isn't true as the government counts a laid off person who was called back to work as a new job. so if GM laid off 10,000 workers in May and called them back in July, that,s 10,000 new jobs.
many people would go to work if the unemployment was stopped, but most feel why work when we can fish and get a ck.http://news.yahoo.com/s/afp/20100804...nemploymentadp
everyone on unemployment can now draw up to 99 weeks which is flat out welfare, I was on unemployment once when i was discharged from the army and could draw 20 a week for 52 weeks,I drew it for 6 weeks. it was called the 52-20 club back then, but it bought ciggs and beer, what more could a young guy want?
back then in the fifties most people who were laid off in the winter could draw 13 weeks and had to kiss the agents back side to get that.

[Patriotic Sheepdog]

I have learned not to pay much attention to .gov figures much any more as they will be revised at least once in the next 2 months.

Let's look at the numbers they did give us. Okay, 71,000 jobs created by the private sector. I read a while back that we need about 120,000+ created monthly just to maintain and 150,000 or so to actually reduce unemployment rates. Now when you look the July total nonfarm payroll employment decreased 131,000. They said this reflected the departure of 143,000 temporary Census 2010 workers from federal government payrolls. Now what I don't get is their "new math"...let's work this out. 143,000 lost but 71,000 gained. By my numbers we should be only negative 72,000 but they say we were down 131,000. Did they not tell us the real numbers? Did we have only 12,000 gained in the private sector or was there 202,000 jobs lost?

If one looks at the BLS U-6 numbers you will see the actual unemployment numbers (including the part-time that is looking for full-time) is 16.5%. What is not included is those that have been unemployed for greater than a year.

Now, what they tried to sneak in is that they revised the June numbers. The change in total nonfarm payroll employment for May was revised from +433,000 to +432,000, and the change for June was revised from -125,000 to -221,000.

So, when we include the revised number from June and add them to the 131,000 lost in July, we lost a total in July of 228,000 if I did my math right.

As you can see, they like to "play" with the numbers. I would love to here from others if I'm missing something.

[eeyore]

Made me think about the quote from Mark Twain, but i always quoted it wrong, i thought it was "figures lie because lairs figure"

Mark Twain's famous quotation, "Figures don't lie, but liars figure," has never had greater meaning than when it is applied to today's politicians and government accounting.

[Patriotic Sheepdog]

Made me think about the quote from Mark Twain, but i always quoted it wrong, i thought it was "figures lie because lairs figure"

Wow! I never knew where that saying came from. I always thought it was from my Grandpa as he used to tell me ALL the time "figures never lie, but liars figure." I repeat that often to my children as I have found that to be true. I have questioned many professors, lecturers, etc. over the years when their number "don't add up" to me. Boy, some professors really don't like that (especially Psych 101 profs)...don't ask me how I know, just saying!

[1Admin]

Good one Eeyore!

71,000 jobs in a huge country is bad enough, 40,000 is worse.

Yet we went to "the city" for a class and some other stuff yesterday and consumers were out in full force????

[Patriotic Sheepdog]

Yet we went to "the city" for a class and some other stuff yesterday and consumers were out in full force????

Well, I'm helping to stimulate the economy...I'm just buying different items than most people, corn, rice, oats, ammo, guns....:D

[eeyore]

But things are getting better and better, or that is at least what they say?

Weekly jobless claims unexpectedly increase to 484K

excerpt

WASHINGTON (AP) — The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months.
It's a sign that hiring is weak and employers are still cutting their staffs.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That's the highest total since February.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.

Analysts said that the unexpected rise in claims suggests hiring in August won't be much better than July. The economy added a net 12,000 jobs last month after excluding the loss of temporary census positions.

http://www.usatoday.com/money/economy/2010-08-12-jobless-claims_N.htm

[altermoor]

Unexpectedly.

You know, when I was ten, I expected to grow up to be as smart as Einstein, as good-looking as Harrison Ford and as rich as Bill Gates. Unexpectedly, I grew up to be me. Dang.

I love when governmental agencies - and especially when news-media outlets (who are supposed to just report the news!) - use words like unexpectedly, and then expect to get a pass from everyone.

Heres another: I expect to be able to pay my taxes at the end of this year. If not, my bad...